Found 2 blog entries tagged as Purchase price.

Now that you’ve made the exciting decision to buy a home, it’s time to get ready for the financial aspects of the process. While you’re probably focused on your down payment, there’s another expense that’s just as important but often overlooked: closing costs.

Here’s a breakdown of what closing costs are, how much they might be, and a few tips on how to reduce them.

What Are Closing Costs?

Closing costs refer to the additional fees and payments you need to cover when finalizing your home purchase. These fees vary based on the price of the home and the type of financing you’re using, but they’re a standard part of every real estate transaction. Unfortunately, many buyers forget to budget for these costs ahead of time. According to Freddie Mac,…

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Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.

Here’s some helpful information on what those costs are and how much you should budget for them.

What Are Closing Costs?

A recent article from Bankrate explains:

“Closing costs are the fees and expenses you must pay before becoming the legal owner of a house, condo or townhome . . . Closing costs vary depending on the purchase price of the home and how it’s being financed . . .”

Simply put, your closing costs are the additional fees and payments you have to make at closing. According to Freddie Mac, while they can vary by…

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